未来智造局 | MiniMax冲刺港股“大模型第一股” 国产大模型崛起正当时

Core Viewpoint - The domestic large model company MiniMax is preparing for an IPO in Hong Kong, aiming to become the first large model stock in the Hong Kong market, with significant growth in revenue and user base [1][3]. Group 1: Company Overview - MiniMax, founded in early 2022, is among the first large model enterprises in China, focusing on advancing artificial intelligence technology and developing multimodal models [2]. - The company has developed several multimodal models, including MiniMax M2, Hailuo 2.3, Speech 2.6, and Music 2.0, which can understand and generate various modalities such as text, audio, images, video, and music [2][4]. Group 2: Financial Performance - MiniMax's revenue has seen exponential growth, with figures of $346,000 in 2023, $3,052,300 in 2024, and $5,343,700 in the first three quarters of 2025, indicating a 782.2% increase in 2024 compared to 2023 and a 174.7% increase in the first nine months of 2025 compared to the same period in 2024 [3]. - The company has attracted investments from major firms, including Alibaba, Tencent, and Sequoia Capital, with a post-investment valuation exceeding $4 billion (approximately 30 billion yuan) after a $300 million Series C funding round in July 2025 [3]. Group 3: Market Position and Strategy - MiniMax is positioned as a key player in the global large model market, which is expected to reach $22 billion by 2025, with MiniMax potentially capturing about 0.3% of the market share [5][6]. - The company’s revenue sources include AI native products and enterprise services, with a significant increase in paid users from approximately 119,700 in 2023 to about 1,771,600 in the first three quarters of 2025 [6]. Group 4: Global Expansion - MiniMax has achieved over 70% of its revenue from overseas markets, indicating successful penetration in North America, Southeast Asia, and Europe [7]. - The company plans to use the funds raised from the IPO for ongoing research and development, business expansion, and operational funding [7]. Group 5: Competitive Landscape - The competitive landscape includes other companies like Zhipu AI, which is also pursuing an IPO, highlighting the growing interest in large model enterprises in the market [8].